Everest Ventures Corp.
TSX VENTURE : EVE.P

February 12, 2010 16:10 ET

Everest Ventures Corp. Provides Update

CALGARY, ALBERTA--(Marketwire - Feb. 12, 2010) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSWIRES

Everest Ventures Corp. (TSX VENTURE:EVE.P) ("Everest"), a capital pool company listed on the TSX Venture Exchange (the "Exchange") wishes to provide an update regarding its recent activities. Everest common shares ("Everest Shares") as traded on the Exchange were halted, at Everest's request on February 5, 2010, pending the announcement of the entering into of an agreement in principle with Primary Petroleum Corporation (the "Agreement") in respect of assets that were intended to constitute Everest's "qualifying transaction" for purposes of Exchange policy. During the period in which Everest was making certain filings required under Exchange policy, it became apparent that a condition to the Agreement could not be satisfied based on information provided to that date, and Everest therefore chose to terminate the Agreement in accordance with its terms on February 10, 2010.

The Everest Shares are currently halted; however, they are expected to resume trading on February 17, 2010.

Everest, a capital pool company within the meaning of the policies of the Exchange, was incorporated in January 2007 and was listed on the Exchange in September 2007. Everest does not have any operations and has no assets other than cash. Everest continues to identify and evaluate businesses and assets with a view to completing a QT under the policies of the Exchange.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Everest Ventures Corp.
    Darcy Krogh
    President and Chief Executive Officer
    (604) 669-4180
    (403) 237-5816 (FAX)
    www.sedar.com